Posted on behalf of the firm
The fashion world was shaken up recently, among hearing the news that designer and former model L’Wren Scott had taken her own life. In addition to being famous for her fashion involvement, she was well-known for a tumultuous love affair with Rolling Stones lead singer Mick Jagger.
Scott, who was a designer and famous former model, filed a last will and testament in Manhattan’s Surrogate Court a year prior to her death. In her will, she outlined that her entire estate would go to her former lover, rather than any family members.
While this was a cause of surprise for her loved ones as Jagger’s current estate is valued at $300 million, it is most likely a case of simply being in love.
Scott’s will entered into probate right away, and her personal net worth was estimated around $9 million in assets. As investigators looked more into her finances, they found that her design firm, LS Fashion Limited, was in serious financial trouble, having posted an operating loss of $5.9 million 2 years ago. LS Fashion Limited was quick to respond to inquiries, releasing a statement saying that Scott did not commit suicide due to her company’s financial troubles, and insinuating as much was not only ridiculous, but also disrespectful.
The real issue relating to how Scott set up her estate is that she used a simple will instead of an irrevocable trust. This means that Jagger will be subject him to unwanted creditor attention, as well as New York estate taxes. All of these things could have been avoided, and as with any estate valued over $1 million, making that choice would have been immensely smart.
It is without a doubt that estate planning is important, and even the celebrities among us are not immune to the pitfalls and traps involved therein. If you ever have any estate planning questions or concerns, do not hesitate to get in touch with a skilled attorney immediately.
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